IMAX Crushes Revenue Expectations by $4M and 4 Hot Stocks Making Market Waves
Santander (NYSE:SAN) reports third-quarter net profit of €100 million, down 94%, against street expectations of €1.21 billion, mainly due to a €1.14 billion provision for bad Spanish loans – thereby meeting about 90% of statutory provisioning norms. Interest income rose 3% to €7.5 billion, though profits at the Brazilian operations were down 9% to €537 million, and down 21% at UK to €337 million. Bad loans are a notch higher at 4.3% of total loans compared to 4.1% in the previous quarter.
According to the Financial Times, new Barclays (NYSE:BCS) Chairman Sir David Walker, who will take over the reins next week, may replace its non-executive board members in an effort to restore the image of the bank which has taken a hit lately over the Libor scandal. Reportedly, Sir David may also bring in several new top executives.
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Canada’s third-largest insurer, Sun Life Financial (NYSE:SLF), is looking for buyers for its US annuities business. The deal could fetch upwards of $1 billion with interested buyers including Guggenheim Partners LLC and a company run by U.K. investor Clive Cowdery.
Derivatives and futures exchange operator CME Group (NASDAQ:CME) reports third-quarter EPS of $0.70 which beats estimates by $0.01, and revenues of $683 million which fall short by $10 million, and compare quite unfavorably with $874.2 million reported in the year ago period. Trade volumes are down 26% year-on-year to 10.8 million contracts, while interest-rate contracts are 4.5 million daily versus 6.5 million in the year ago quarter.
IMAX (NASDAQ:IMAX) reports third-quarter EPS of $0.26 which beats estimates by $0.05, on revenues of $80.7 million which beat by $4 million and are up 20% year on year. Equipment and product sales grew 32% and were the main driver for overall revenue growth. The company expects to install in 110 new theaters in 2012 and from 110-125 theaters in 2013.
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